現金為王 抵押貸款利率的歷史性上升導致了全球現金交易的比例增加。 巴克萊私人銀行的產品及策略規劃主管史蒂芬．莫魯基安表示，「利率上升無疑地推高了現金交易的比例，這在所有奢侈品市場中都是一個熟悉的主題，特別是在美元和英鎊市場。」 莫魯基安指出，現金買家一直存在，並且將持續普遍存在於新加坡、香港、阿拉伯聯合酋長國、南非以及部分西非地區等地區。他表示，沒有抵押貸款的交易已擴展到包括「於英國和美國這樣成熟的市場，特別是在佛羅里達州邁阿密和紐約州紐約市。」 根據全國房地產經紀人協會的 2023 年《美國住宅房地產國際交易》報告，該報告在 2023 年 4 月和 5 月對經紀人進行了調查，由 2022 年 4 月 ~ 2023 年 3 月，購買美國現有住宅的外國買家中進行全現金交易的比例為 42%，而所有現有住宅買家中進行全現金交易的比例為 26%。 當然，全現金交易對交易中的所有各方都是互惠互利的。這種交易方式讓賣方放心，因為交易將順利迅速，不會受到銀行的干預，同時讓買方能夠保持低調且更加私密的形象。 莫魯基安表示：「考量到豪華物業買家的全球性以及他們獨特的財務狀況，必須充分考慮到財富規劃、全球貨幣匯率和全球稅收等各種其他因素。」 他指出，推動全現金交易的並不是房產的地理位置，而是一系列因素的結合，包括「抵押貸款市場的成熟度和在既定的水平上為複雜的個人戶提供信貸，在這些市場中，房產本身在市場上具有較高的流動性，並且安排融資的成本具有附加收益，而不是過高的費用。」 以下是一些現金為王的關鍵市場： 紐約市 Sotheby’s International Realty - East Side Manhattan Brokerage 的副經紀人 Lisa Larson 指出，在 2023 年第三季度，超過 500 萬美元的市場中， 57% 的交易是現金交易。此外表示，超過 1,000 萬美元的大部分交易也是現金交易。 阿拉伯聯合酋長國杜拜 杜拜 Sotheby’s International Realty 的執行合夥人 Honey Deylami 表示，全現金交易已成為常態而非例外。對於選擇在這裡置產的超高淨值買家來說，以全現金交易是很常見的，超高淨值買家很少會為他們的主要或度假房產尋求抵押貸款。 南非開普敦 開普敦的豪華房地產交易中，約 70% 為全現金交易為主，這是一個長期存在且沒有減少跡象的趨勢。「開普敦是最理想的居住地之一，由於有利外國買家的匯率以及當地最優利率達到了 14 年來的最高水平，即 11.75％ ，向外國買家出售的所有住宅都是現金交易 」。豪華房地產的售價平均比要價低約 8％，「現金買家明顯擁有比有條件的報價具備更多的議價能力，因此他們可以談判有折扣空間的交易。」 西班牙 西班牙的房地產，尤其是度假屋，一直以來都以全現金交易為主，但由於高抵押貸款利率的影響，這類型交易的數量在 2023 年略有增加。VIVA 蘇富比國際房地產西班牙區域總監 Alejandra Vanoli 表示，全現金交易並未促使賣方降價，即使利率降低，也不太可能減少市場豪華領域中的全現金銷售量，因為貸款從未是普遍的購房選擇。 香港 儘管政府進行了審查和監管，但由富裕買家推動的隱私需求使得現金仍然是香港豪華住宅物業的首選購買方式。 在市場放緩且交易總數在 2023 年下降的情況下，這樣的交易保持穩定，在大多數情況下，買家以單獨的公司實體購入豪華物業，以便於容易管理並在下一次交易中更靈活，並且創造了一份額外的隱私層。 儘管申請抵押貸款需要更多的信息披露，並可能延長交易過程，但一些高淨值買家確實會申請 10% 的抵押貸款，因為全現金交易會自動觸發政府稅務部門的監管，以堤防洗錢行為。如果有抵押貸款，政府的擔憂就會減少，這意味著資金來源已經由審核的銀行檢查過。 文章節錄自 蘇富比國際房地產 Luxury Outlook           Where Cash Is Always King A historic rise in mortgage interest rates has translated into a higher percentage of all-cash deals around the world. The rising rates, according to Stephen Moroukian, product and proposition director at Barclays Private Bank, “have without a doubt driven up cash percentages, and that is a familiar theme across all luxury markets,” he says, especially those with U.S. dollar and British pound sterling markets. Noting that cash buyers have always been, and will always remain, prevalent in areas such as Singapore, Hong Kong, the United Arab Emirates, South Africa, and parts of West Africa, Moroukian says that mortgage-less deals have expanded to include “mature markets such as the United Kingdom and the U.S., particularly in Miami, Florida and New York City, New York.” According to the National Association of Realtors’ 2023 International Transactions in U.S. Residential Real Estate report, which polled agents in April and May 2023, the share of foreign buyers who made all-cash purchases in the U.S. from April 2022 to March 2023 was 42%, compared with 26% among all buyers of existing homes. All-cash deals, of course, are mutually advantageous to all parties in the transaction—they reassure sellers that the deal will be smooth and swift without a bank’s interference, and they allow purchasers to keep a lower and more private profile. “Given the global nature of luxury residential-property buyers and their unique financial situations, various other considerations around wealth planning, global currency-exchange rates, and global taxation must be fully considered,” Moroukian says. It’s not so much the location of the property that fuels all-cash deals, he notes, but a combination of factors—“mortgage market maturity and availability of credit to complex individuals at an established level, where the properties themselves have a good degree of liquidity in their marketplace and where the cost of arranging finance has ancillary benefits and is not unreasonably costly to put into place.” Below, some key markets where cash is king. New York City During the third quarter of 2023, 57% of the over–US$5 million market were cash deals, says Lisa Larson, associate broker, Sotheby’s International Realty - East Side Manhattan Brokerage. The majority of over-US$10 million were cash, too, she says. Dubai, United Arab Emirates All-cash deals in Dubai have been the rule rather than the exception. “ It’s common for ultra-high-net-worth individuals who choose to buy here to purchase in all cash,” says Honey Deylami, executive partner, Dubai Sotheby’s International Realty. “ It’s very rare that ultra-high-net-worth individuals look for a mortgage for their primary or vacation homes. ” Cape Town, South Africa Some 70% of luxury real estate purchases are all-cash deals in Cape Town, South Africa, a longtime trend that shows no signs of diminishing, according to Claude McKirby, owner and director, Lew Geffen Sotheby’s International Realty. “Cape Town is one of the most desirable places to live, and with the exchange rate in favor of foreign buyers and our prime lending rate at a 14-year high of 11.75%, all of our residential sales to foreign buyers are cash,” says McKirby. Spain While properties in Spain, especially vacation homes, have always been traded predominantly in all-cash deals, the number of these types of transactions increased slightly in 2023 because of high mortgage-interest rates. But the all-cash deals have not enticed sellers to give discounts in Spain, Vanoli says, adding that even lower interest rates are unlikely to reduce the number of all-cash sales in the luxury sector of the market, since loans customarily have not been a popular purchasing choice. Hong Kong Fueled by affluent buyers who desire privacy, cash remains the preferred purchasing method for luxury residential properties in Hong Kong despite government scrutiny and regulation. Noting that such deals have remained stable as the market slowed and the total number of transactions dropped in 2023, Franky Cho, chief operating officer, List Sotheby’s International Realty, Hong Kong, says that “in most cases, they buy these luxury properties under separate company entities for easier management and flexibility for the next transaction. It creates an extra layer of privacy.” Early in 2023, a mainland Chinese businessman, for example, paid all cash for two luxury condos (for investment purposed) for US$7.5 million. Though applying for a mortgage requires more disclosure of information and may lengthen the transaction process, some high-net-worth buyers do take out 10% mortgages because all-cash deals automatically trigger oversight by the tax department of the government, which is on the lookout for money laundering. “The government will have less concern if there is a mortgage, which implies the source of money is checked by banks that approved it,” Cho says. Source: Sotheby's International Realty.